New York, Jan 24, 2026, 06:40 EST — Market closed
- TMC shares jumped 13.5% on Friday following the filing of a consolidated deep-sea mining application by its U.S. unit
- NOAA’s updated framework combines the review of exploration and commercial permits into one streamlined process
- NOAA scheduled virtual hearings on TMC USA’s exploration-license applications for Jan. 27-28; the comment period extends through Feb. 23
Shares of TMC the metals company Inc jumped 13.5% on Friday, closing at $9.44, after the company took a significant step toward securing U.S. approval for deep-sea mining. The Nasdaq-listed stock fluctuated between $8.48 and $9.66 during the session, with roughly 23.9 million shares traded.
The Vancouver-based deep-sea miner is now the first to apply for Washington’s go-ahead to mine the international seabed, following the National Oceanic and Atmospheric Administration’s recent move to combine licensing and permitting into a single review. CEO Gerard Barron told Reuters the updated rules “pave a pathway for faster permitting,” with the company targeting a permit by the end of this year. Glencore has signed on to buy metals extracted by TMC from the Clarion-Clipperton Zone in the Pacific, located between Hawaii and Mexico. (Reuters)
For investors, the change turns a lengthy policy debate into a more concrete timeline. Should the U.S. take action, it might establish a blueprint for a sector that’s been stuck waiting on regulators to choose a direction for years.
In an exhibit attached to its Jan. 22 regulatory filing, TMC revealed its U.S. unit had submitted a consolidated application covering about 65,000 square kilometers—up sharply from the roughly 25,000 km2 it initially proposed last year. The company estimates the resource at 619 million tonnes of wet polymetallic nodules, with upside potential of another 200 million tonnes. These nodules hold nickel, copper, cobalt, and manganese. TMC also noted that a 2022 pilot project with contractor Allseas recovered over 3,000 tonnes from depths exceeding 4 kilometers.
NOAA manages U.S. exploration licenses and commercial recovery permits under the Deep Seabed Hard Mineral Resources Act, a law from 1980 that regulates mining beyond national waters. Its updated rule went into effect on Jan. 21. So far, the agency hasn’t issued any commercial recovery permits. Lockheed Martin holds two exploration licenses from 1984. NOAA has planned virtual public hearings on two TMC USA exploration license applications for Jan. 27 and Jan. 28, with a public comment period open until Feb. 23. (National Ocean Service)
On Jan. 22, Barron told a House subcommittee he’s “highly confident” the company will secure permits this year and that TMC aims to launch commercial production by the end of 2027. Lawmaker Ed Case questioned the pace of TMC’s filing under the new framework. Barron said he wasn’t privy to NOAA’s final text beforehand and has been pushing to eliminate redundant reviews. He also called for reforms to the National Environmental Policy Act’s project review process, the law governing federal environmental assessments. (S&P Global)
The downside is straightforward. A stringent environmental review, legal hurdles, or a change in U.S. political backing for high-seas mining could delay the timeline and keep the stock tied to policy news.
Trading resumes Monday, Jan. 26, with investors focused on how fast NOAA shifts from rulemaking to permit processing—and if other agencies get involved. They’ll also track any new responses from lawmakers and environmental groups following last week’s hearing.
NOAA’s virtual hearings on Jan. 27 and 28 mark the next key dates, followed by the Feb. 23 deadline for public comments on TMC USA’s exploration license applications. This will give a clearer sense of how contentious the process might become before any permit is granted.
